In a medium bowl using a hand mixer, cream the butter and cream cheese until combined. Add the powdered sugar and mix until smooth. Transfer the frosting to a piping bag (or a plastic bag with the end cut off) and set it aside.
In a large bowl add the cake mix, eggs, oil, and water. Mix until completely combined.
Spray your waffle iron with nonstick cooking spray. Heat according to the manufacturer's directions on low heat. Pour ½ cup of cake batter and cook for 2 minutes. The waffles will be soft.
Once the waffles are cooled (about 5 minutes), cut them into quarters. Pipe the frosting onto one of the waffles and top it with another waffle. Repeat until all waffle quarters have been sandwiched. Enjoy!